By Cynthia Alo

Prestige Assurance Plc has recorded 34 percent growth in Gross Premium Written, GPW, to N12.4 billion for 2022 financial year from N9.27 billion recorded in 2021.

Chairman of the company, Mrs. Funmi Oyetunji who disclosed this to shareholders at the company’s annual general meeting, AGM in Lagos, noted that the company demonstrated resilience by growing the top line despite the challenging macroeconomic backdrop.

The Chairman also revealed that the net premium earned during the period under review was N5.40 billion, an 18% increase over the preceding period of 2021, which recorded N4.59 billion.

She said: “Shareholders should be assured that top line growth as well as margin progression remains our priority, given their importance to value creation.”

Reiterating confidence in the company’s ability to deliver superior returns to shareholders, the Chairman stated: “We have put in place appropriate strategies to respond to the possible scenarios in 2023 and hope to continue to make progress in our quest to be one of the leading insurance companies in the country.

Our staff remain resourceful, motivated, and resolute, as we strive to be competitive in remunerating them to continue to attract the required talent to best execute our strategic objectives.”

Also speaking, Managing Director/CEO of the company, Mr. Rajesh Kamble stated that despite the challenging business environment, they are committed to creating accelerated value for shareholders. He said: “We remain committed to delivering superior returns to our shareholders whilst providing risk protections and wealth preservation services for our customers; giving the confidence to live in midst of uncertainties.”